ASX stocks with the biggest short interest changes – Week 43
Shorters have been boosting bearish bets across several themes including QSRs, gold, high-multiple stocks, recent gap-down victims and more.
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Mentioned
Welcome back to the Short Seller Series – A recap of the most heavily shorted stocks on the ASX and those experiencing significant changes to short interest over the past week.
Short selling data is four days behind today's date because reporting is not mandatory until three business days after the trade. The tables below will compare:
Week-on-week (WoW) changes between 6 and 13 October
Month-on-month (MoM) changes between 15 September and 13 October
Most covered and rising short tables record week-on-week changes of 0.5% or more
Most Shorted
Ticker | Company | Short % | WoW | MoM |
|---|---|---|---|---|
Boss Energy | 19.78% | 0.68% | -0.27% | |
Pilbara Minerals | 17.24% | 1.65% | -0.99% | |
Domino's Pizza | 14.01% | 2.53% | 3.30% | |
Idp Education | 12.70% | 0.02% | -1.67% | |
Guzman Y Gomez | 12.61% | 3.26% | 2.35% | |
Paladin Energy | 12.17% | -0.16% | -4.15% | |
Iluka Resources | 11.73% | -0.19% | 1.69% | |
Flight Centre Travel Group | 10.61% | 0.90% | 1.54% | |
PWR Holdings | 10.42% | 0.28% | 0.04% | |
Mineral Resources | 9.89% | -0.67% | -1.14% |
Key takeaways
Short sellers are aggressively piling into QSRs (quick service restaurants). Domino's is now the third most shorted stock on the market, having experienced a sharp 2.5% week-on-week increase in short interest. As Macquarie noted earlier this month: "The key pivot on strategy is DMP seeking to transition from a promotional-heavy (i.e., coupons/discounts) pricing strategy to more of an 'everyday low price' offering, which will occur alongside a broader simplification of the menu offering." The analysts see an opportunity for Domino's in menu simplification and cost reduction, though execution risks remain elevated given the company's debt levels.
Guzman Y Gomez briefly rallied as much as 26% after its Q1 trading update on 9 October, but suffered a massive intraday selloff, closing down 2.3%. Q1 sales came in below market expectations, with Australasian same store sales growth of 4.0% viewed as relatively soft. While management reaffirmed full-year guidance, several brokers trimmed earnings forecasts due to subdued momentum and slightly higher-than-expected US losses. The $100 million buyback drew mixed reactions, with some viewing it as premature given the company's high valuation.
Rising Shorts
Ticker | Company | Short % | WoW | MoM |
|---|---|---|---|---|
Genesis Minerals | 5.38% | 4.92% | -0.02% | |
Sandfire Resources | 4.30% | 3.89% | 0.18% | |
Guzman Y Gomez | 12.61% | 3.26% | 2.35% | |
Clinuvel Pharmaceuticals | 6.14% | 2.70% | -0.22% | |
Domino's Pizza | 14.01% | 2.53% | 3.30% | |
G8 Education | 3.98% | 2.14% | 2.70% | |
Australian Clinical Labs | 3.59% | 1.96% | 0.80% | |
Magellan Financial Group | 4.49% | 1.84% | 0.71% | |
Elders | 5.84% | 1.71% | 1.21% | |
Pilbara Minerals | 17.24% | 1.65% | -0.99% | |
Bank of Queensland | 2.54% | 1.61% | 0.11% | |
Myer Holdings | 4.64% | 1.60% | 4.05% | |
Mesoblast | 6.64% | 1.56% | 0.00% | |
IPH | 7.36% | 1.55% | 2.02% | |
Ventia Services Group | 1.70% | 1.41% | 1.03% | |
JB Hi-Fi | 3.96% | 1.37% | 0.14% | |
Evolution Mining | 1.71% | 1.34% | -0.53% | |
Opthea | 1.93% | 1.32% | 0.00% | |
Seek | 1.82% | 1.28% | 0.08% | |
HUB24 | 1.61% | 1.17% | 0.26% | |
Treasury Wine Estates | 6.44% | 1.15% | 1.73% | |
Weebit Nano | 3.06% | 1.06% | 0.50% | |
Rural Funds Group | 4.85% | 1.05% | 0.27% | |
Beach Energy | 3.93% | 1.02% | 0.65% | |
Healius | 3.60% | 1.00% | -0.08% | |
ARB Corporation | 6.73% | 0.97% | 1.58% | |
Pro Medicus | 1.39% | 0.95% | -0.26% | |
Woodside Energy Group | 3.84% | 0.92% | 0.54% | |
Flight Centre Travel Group | 10.61% | 0.90% | 1.54% | |
Bapcor | 3.89% | 0.88% | 1.19% | |
Inghams Group | 4.69% | 0.88% | 2.02% | |
Select Harvests | 2.65% | 0.87% | 0.21% | |
Graincorp | 1.10% | 0.85% | 0.94% | |
Bendigo and Adelaide Bank | 2.08% | 0.82% | 0.26% | |
Ramelius Resources | 4.09% | 0.80% | 2.49% | |
HMC Capital | 5.05% | 0.78% | 1.32% | |
Netwealth Group | 1.13% | 0.75% | -0.16% | |
Technology One | 1.29% | 0.73% | -0.04% | |
Brainchip Holdings | 4.39% | 0.70% | 0.64% | |
Boss Energy | 19.78% | 0.68% | -0.27% | |
Immutep | 2.54% | 0.68% | 0.00% | |
Karoon Energy | 7.26% | 0.67% | 1.02% | |
Lynas Rare EARTHS | 2.39% | 0.66% | -0.13% | |
Pinnacle Investment Management Group | 2.21% | 0.66% | 0.42% | |
MA Financial Group | 1.77% | 0.66% | 0.51% | |
Nine Entertainment | 1.67% | 0.62% | 0.77% | |
Elevate Uranium | 1.31% | 0.60% | 0.44% | |
Fineos | 0.73% | 0.60% | 0.00% | |
Regis Resources | 2.04% | 0.59% | -1.70% | |
ALS | 1.92% | 0.58% | 1.31% | |
REDOX | 1.81% | 0.55% | 1.15% | |
Kogan.com | 1.92% | 0.54% | -1.46% | |
Ramsay Health Care | 3.57% | 0.53% | 1.07% | |
Centuria Office REIT | 2.65% | 0.50% | 0.98% | |
Metcash | 1.90% | 0.50% | -0.29% |
Key takeaways
A massive week for rising shorts suggests the market is betting against several interesting themes:
Gold miners (GMD, EVN, RMS): This might reflect stocks that are overvalued relative to peers, or those with hedges/integrating recently acquired assets.
Copper names (SFR, EVN): The sector faces an interesting dynamic as approximately 7% of global supply has been lost in recent months due to downgrades from various major copper mines. While copper stocks have surged, copper prices remain relatively stagnant as demand-side weakness persists.
High-multiple stocks (GYG, SEK, HUB, ARB, PME): These names may be targeted as they're all trading at expensive multiples, either relative to peers, their sector, or historical averages.
Recent gap-down victims (GEM, ACL, ELD, MYR, IPH, VNT, TWE): All have experienced significant one-day selloffs in recent months, driven by weaker-than-expected earnings (either FY25 results or recent trading updates) or company-specific announcements.
Most Covered
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Capstone Copper Corp | 0.37% | -2.08% | -0.54% | |
Audinate Group | 2.90% | -1.63% | -2.42% | |
Johns Lyng Group | 1.61% | -1.42% | -1.88% | |
Deep Yellow | 6.99% | -0.95% | -0.93% | |
DPM Metals | 0.32% | -0.78% | NA | |
Westgold Resources | 1.41% | -0.69% | -0.92% | |
Mineral Resources | 9.89% | -0.67% | -1.14% | |
Bellevue Gold | 2.00% | -0.65% | -3.53% | |
SILEX Systems | 8.28% | -0.55% | -0.32% | |
Electro Optic Systems | 0.17% | -0.55% | 0.13% | |
Ora Banda Mining | 3.02% | -0.54% | 0.76% |
Key takeaways
Capstone rallied as much as 77% between August and early October. Despite a ~15% pullback from recent highs, the rally likely squeezed out most bearish bets against the company.
Audinate was once a tech stock that was on its way to achieve darling status, having rallied ~150% between August 2023 and March 2024. But the stock collapsed as much as 80% between its March 2024 all-time high and September 2025 low, following a series of earnings downgrades and significant challenges from inventory normalisation and softer demand. The stock has managed to bottom in recent weeks, rallying ~55% between 24 September and 13 October, likely driving some short sellers out of the stock
